I am trying to start a business but my personal credit is shot due to us loosing our home. I am trying to get $5000. Any advice on how to do this?
Thank you all for your advise. I was trying to sell jewerly and it did not work out so I do have a lot os inventory to get rid of. I did make my money back on it but could never get my website to look good. Bad camera. I am going to sell out that and use the money to slowly start this business. Thanks again!
Scrimp, save, stay focused & pay cash. It's amazing how it feels to not have the payment. Speaking from experience...
I agree with a few of the other mamas in that you don't need to try for a loan...you need to pay cash. $5,000 sounds monumental to you, but in terms of business start-up, it's not very much. You didn't say what type of business you plan on starting, but I suggest you start a lot smaller.... I started a company with 3 other women with not a dime. We each started contributing cash and we didn't do things with the business until we had the cash to pay for it. Get creative in how to make the money. We even held a garage sale, combining all our junk - we made $1,000 in one day!
What if the business doesn't work out? Now you owe $5,000 and no way to pay it back!! Most definitely - just start saving, get creative & do a little at a time. Good luck!!
Hi L.,
Check out SCORE - this is a division of the SBA that offers free entrepreneurial consulting and guidance on everything you need to start a business. The consultants are all well established business-owners themselves who have experienced it all before. The Dallas branch is on NW Hwy - go to www.score.org.
Good luck!
L. you can try doing a bridge loan or find a hard money lender. If you have a recent foreclosure it will be almost impossible for you to get conventional financing. Or you could try credit repair, but even then with the foreclosure recent it would be hard to bring up your scores. After two years it will become easier to correct your credit profile. If you are interesting in doing a alternative lending loan let me know. I have partners in the dallas area that do these kind of loans. Good luck.
P.S. You can also try getting a small business loan or a minority loan. They are not as strict as conventional loans.
I would love to talk with you about an opportunity that could help you earn that money. I look forward to hearing from you.
I do not distribute products!
H. M.
I don't mean to sound harsh but you need to stop using credit and work at saving up the $5000.00 (work not borrow, as many jobs as you have to for as long as you have to). If your credit is shot you don't need to borrow even more money, you need to learn how to manage what you have. I suggest you start listening to Dave Ramsey he's a Christian Fianancial advisor that is on the Radio, web and now on TV as well. He's got a no nonsense attitude and a go get 'em mentality towards personal finances and I think you may benefit from looking in to what he has to say. Good luck, and I'm truly sorrow you've had to give up your home!
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Not to sound harsh......
I don't know anything about Dave Ramsey but I do know about running a business and home management.
The more places you go apply for credit, the more credit reports are run on you therefore the more negative you are going to look.
We do use 1 credit card but it is paid in FULL every month, usually before the statement is ever cut. Maintaining good credit requires a lot of disicipline, and delayed gratification. In the beginning it is hard and it takes sacrifice but in the end.....it is worth every penny.
Start building good credit by paying CASH, sell something, downsize, etc.
Good luck
There are some hard-money lenders specifically for entrepeneuers. If you have your business plan together, go to the small business administration. They actually have links to samples and some companies with free templates. There are monies set aside for women. We had to scrape together start-up money for our business. Feel free to contact me, even just to have someone who understands how hard it is in the beginning to make yourself keep going!
